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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: Oral Roberts who wrote (32512)	2/11/2009 1:34:57 AM
From: DuckTapeSunroof	Respond to of 71588

"I've been saying for years that GM is bankrupt it's only a matter of when they admit that." If you have been 'saying that for years' then you have been RIGHT for years.... (Me too.) "They HAVE to file and get out from debt but more importantly their insane union contracts and retirement obligations." Yep. But the biggest money, the LARGEST financial obligations hanging over their heads are: A) The Dealer contracts (to bust out of those contracts might oblige them to pay a hundred Billion or so....) Only a bankruptcy can allow them to do that more cheaply.... and, B) the pension obligations (as you correctly noted.) And, C) the bond holders (and now the government loans added to that). I'd say that "D" would be the Union contracts. They have more pensioners then current workers. Technically, I suppose, you could say that the pensioners and creditors and debt-holders 'own' the whole she-bang. There is little to nothing left in stock equity now anyway. The stock certificates are just 'Monopoly money'.